Story of the Day:
According to Lusaka Grocery Delivery Company’s CEO Ngao Mutambo, her company’s maiden year was an amazing one. It posted a turnover of $41,000 in a year that was fraught with disease pandemic disruptions. The segment she entered though had just received a major boost despite the wrath of lockdowns. Read more
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Amidst an inflation spiral with consumer price index pointing north of 22.0%, demand for one year treasury bills still remains strong in Zambia. These are currently yielding 25.75%, a 355 basis points (bps) premium above inflation. With the central bank selling K1.65billion worth of short dated securities in Thursday, March 11 debt sale, a yard of that was housed in the 1-year. With a market liquidity of K4.0billion, bids totaled K2.2billion of the K1.3billion on offer. Read more: The Business Telegraph
Zambia’s state mining company is on the lookout for further deals as it prepares to complete its acquisition of a majority stake in Glencore’s struggling copper business in the country. ZCCM Investment Holdings chairman Mabvuto Chipata said the company would consider any opportunities to increase the minority shareholdings its owns Zambia-based companies. Read more: Financial Times
The Jesuit Centre for Theological Reflection (JCTR) has revealed that the Basic Needs and Nutrition Basket (BNNB) for February 2021 has risen to K8, 512.31 from the January 2021 basket which was K8, 394.01. Read more: News Diggers
Patriotic Front secretary general Davies Mwila has urged youths to take advantage of the various empowerment programs and business opportunities which PF has put in place because it’s impossible for government to employ everyone. Read more: News Diggers
International Business and Finance
South Africa’s economy contracted for the first time in 11 years in 2020 as coronavirus lockdowns hampered the economy by disrupting trade and output. GDP shrank 7%, compared with a 0.2% expansion in 2019, according to a report released by Statistics South Africa Tuesday. It is the economy’s first annual contraction since 2009 when GDP fell 1.5%. Read more: Africa News
Cryptocurrency Bitcoin has risen for the first time above $60,000, continuing its record-breaking run. Bitcoin – which has more than tripled in value since the end of last year – has been powered on by well-known companies adopting it as a method of payment. But some analysts said this latest surge came in part due to the huge US stimulus package approved this week. Read more: BBC News
Key economic data in China surged dramatically in the first two months of 2021, pointing to a continued recovery for the world’s second largest economy. China’s industrial output grew 35.1% in January and February compared to the same months last year. Read more: BBC News
Boeing Co unveiled a new order for its 737 MAX on Friday, pushing its shares up 6% as it renews efforts to recapture investor confidence following a two-year safety crisis. The deal to sell 24 of the 737-8 model to a backer of Canadian low-cost carrier Flair Airlines comes after Reuters reported it was poised to win another, much larger deal with Southwest Airlines. Read more: CGTN
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In 12 trades recorded on Wednesday, 35,385 shares were transacted resulting in a market turnover of K110,093. A share price gain was recorded in ZAFFICO of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, and ZAMEFA. The LuSE All Share Index (LASI) closed at 3,968.00 points, 0.02% up from its previous close of 3,967.08 points. The market closed on a capitalization of K57,596,403,782 including Shoprite Holdings and K23,362,632,597 excluding Shoprite Holdings.
Chart of the Day: